Croda ‘on track’ to meet profit target despite 10% drop in sales

Chemicals giant Croda International is optimistic it is on track to meet its profit target despite revenues being down 10% in the first quarter of 2024.

In February it reported its adjusted pre-tax profits for 2023 were down 33% to £309m. Although it then said it was expecting this year’s profits to be lower again, between £260m-£300m, the Snaith-headquartered company has today maintained that guidance.

Croda is Yorkshire’s most valuable public company, with a market value of £6.8bn despite a 30% fall in its share price in the last year.

Croda’s chief executive Steve Foots said: “Overall, we are on track to meet our previously stated group guidance for the full year.

“We are focused on executing our strategy, accelerating the conversion of our exciting Pharma pipeline, and investing for the future whilst carefully monitoring costs, with a clear set of priorities that will drive our near-term performance.”

Consumer Care “has made an encouraging start”, he said, helped by “a significant improvement in North America”. However its life sciences division “continues to experience more challenging market conditions”.

Click here to sign up to receive our new South West business news...